| Class | Size ($MM) | % of Pool | Enhancement | WAL | Coupon | Spread | Legal Final | Moody's | Fitch |
|---|---|---|---|---|---|---|---|---|---|
| Class A-1retained | 253.0 | 17.4% | 12.50% | — | — | — | — | — | — |
| Class A-2A | 235.5 | 16.2% | 12.50% | 1.18 | 5.44% | +44 I-curve | 2027-02-26 | Aaa | AAA |
| Class A-2B | 235.5 | 16.2% | 12.50% | 1.18 | floating | +42 SOFR | 2027-02-26 | Aaa | AAA |
| Class A-3 | 471.0 | 32.5% | 12.50% | 2.28 | 5.32% | +63 I-curve | 2028-01-27 | Aaa | AAA |
| Class A-4 | 77.4 | 5.3% | 12.50% | 2.90 | 5.32% | +76 I-curve | 2030-06-27 | Aaa | AAA |
Enhancement: subordinate notes, overcollateralization and reserve beneath the class, as a share of the pool net of any yield supplement (the adjusted pool, as the issuers and rating agencies measure it); the Class A notes share losses pari passu, so each carries the same figure. Spread: basis points over the benchmark named beside it, from the pricing term sheet — the interpolated curve for fixed-rate classes, 30-day average SOFR for floaters; the two are not comparable. A class marked retained was kept by the depositor, as the prospectus states.
| Sponsor | Mercedes-Benz Financial Services USA LLC |
|---|---|
| Servicer | Mercedes-Benz Financial Services USA LLC |
| Depositor / Transferor | Mercedes-Benz Trust Leasing LLC |
| Indenture Trustee | U.S. Bank Trust Company, National Association |
| Owner Trustee | Wilmington Trust, National Association |
| Asset Rep. Reviewer | Clayton Fixed Income Services LLC |
| Underwriters | BofA Securities, Credit Agricole Securities, Mizuho Securities, Citigroup Global Markets, MUFG Securities Americas |
Earliest Mercedes-Benz Auto Lease Trust transaction in our coverage — no prior issuance to compare.
| MBALT 2024-A | GMALT 2024-2 | WOALT 2024-A | Source | |
|---|---|---|---|---|
| Collateral (pool at cut-off) | ||||
| Closing date | 2024-05-23 | 2024-05-16 | 2024-04-17 | 424B5 |
| Pool balance | $1,450.0MM | $1,521.8MM | $991.2MM | 424B5 |
| WA Lessee Credit Score | 787+23 | 781 | 747 | 424B5 |
| WA original term mo | 41.6+5.0 | 35.0 mo | 38.3 mo | 424B5 |
| WA Residual % MSRP | 45.0% | 53.1% | 57.4% | calc |
| ALG-marked residuals | 89.4% | 96.0% | 100.0% | calc |
| WA Securitization Value | $55,129 | $32,378 | $29,019 | calc |
| Top-3 model concentration | 21.3% | 37.9% | 34.1% | calc |
| Geo top-3 | CA 29.3% FL 14.8% NY 13.1% | MI 29.3% NY 16.1% FL 8.5% | FL 62.5% NC 15.7% GA 7.7% | 424B5 |
| Enhancement beneath the AAA term notes | ||||
| Enhancement, initial | 12.50%−5.58pp | 19.15% | 17.00% | calc |
| Enhancement, target | 12.50% | 21.65% | 18.75% | calc |
| Subordinate notes | 0.0%−7.8pp | 10.9% | 4.7% | calc |
| Initial OC | 12.25% | 8.00% | 11.75% | 424B5 |
| Target OC | 12.25% | 10.50% | 13.50% | 424B5 |
| Reserve account | 0.25% | 0.25% | 0.50% | 424B5 |
| Pricing | ||||
| AAA spread | +63 bps0bps A-3 · 2.3y | +62 bps A-3 · 2.0y | +64 bps A-3 · 2.3y | FWP |
| Terms | ||||
| Discount rate | 11.35% | 9.50% | 10.80% | 424B5 |
| Tranches | 5 | 8 | 6 | FWP |
Enhancement: subordinate notes, overcollateralization and the reserve account as a share of the cutoff-date pool — the losses the pool can absorb before the AAA term notes are touched. AAA spread: the pricing spread over the interpolated curve for the fixed-rate AAA class whose weighted-average life is nearest two years, with that class and its WAL shown; floating-rate classes are never used. Source: 424B5 = final prospectus, FWP = pricing term sheet, calc = derived from the above. Deltas are against the peer median; green means more protection, or a cheaper price for it, for the noteholder.
Anchor expectations in empirical base rates from the sponsor's prior series and FICO-tier peer set.